Description
SoFi Technologies, Inc. (commonly known as SoFi) is an American online personal finance company and online bank. Based in San Francisco, SoFi provides financial products including student and auto loan refinancing, mortgages, personal loans, credit card, investing, and banking through both mobile app and desktop interfaces.
Products
Lending
Personal loans, student loans, home loans, and loan refinancing are all part of SoFi's lending services. With over $6 billion dollars in loans issued, SoFi has become one of the largest marketplace lenders. They continue to maintain a policy of no fees for their loans, aside from the interest.
Investing
In 2018, SoFi introduced commission and fee-free trades of stocks and exchange-traded funds under the name SoFi Invest (formerly SoFi Wealth). This service is now called SoFi Active investing.
SoFi Wealth, LLC had $523 million under management as of December 2021. Services offered also include traditional IRA, Roth IRA, and SEP IRA retirement accounts.
Cryptocurrency trading
In February 2019, SoFi launched a partnership with Coinbase to offer cryptocurrency trading. SoFi offers trading of Bitcoin, Ethereum, Litecoin, and more than 17 other crypto assets to users in every U.S state apart from Hawaii, New Jersey, and West Virginia. Cryptocurrency transactions are one of SoFi's only products that have fees.
Banking
SoFi offers an online cash management account that acts as a hybrid checking/savings account. They obtain FDIC insurance through their partner banks: MetaBank, Hills Bank and Trust Company, EagleBank, East West Bank, Tristate Bank Capital Bank, and Wells Fargo.
In July 2020, SoFi launched a partnership with Samsung Pay to launch Samsung Money by SoFi, a cash management checking/savings accounts, with a digital and physical debit card.
In late 2020, SoFi launched its first-ever credit card, with the goal of incentivizing healthy financial habits.
In 2022, SoFi launched SoFi Money under SoFi Bank, a checking and savings account. The previous cash management account was deprecated to pay zero percent interest, which caused controversy.
Credit score monitoring and budgeting tool
SoFi Relay, a credit score monitoring and budgeting tool, is available to anyone who registers a free SoFi account. The service allows users to track their money in bank, credit card, investment, and loan balances and transactions as well as set financial goals. No-cost credit score tracking with weekly updates is provided through TransUnion.
Insurance
SoFi has partnered with several third party insurance companies, such as Lemonade, Inc., in order to offer life insurance, auto insurance, homeowners insurance, and renters insurance.
